Park National Bank shells out $20M for One Commerce Square - Minneapolis / St. Paul Business Journal:

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Richard Raines, an attorney for , made the only bid for Park Nationall Bank, which was the lender on the Downtownoffice building, while Douglas Alrutz, also an attorneu for Wyatt, Tarrant & Combs read the auction The 475,082-square-foot building at 40 S. Main was previously ownex by OneCommerce LLC, of which Fla.-based is the majority One Commerce LLC bought the 31-story building, constructedd in 1972, from in 1999 for $31 took over leasing and management of the propertt last week. “Our firm has met with all the tenantz and we have transactions in Commercial Alliance Management president KempConrad said.
“We’rew confident it will remaim a landmark and one of the best places to dobusinessz Downtown.” Mark Jenkins, senior vice presideng at Commercial Alliance will handle leasing at the building, whils executive vice president Dan Wahl will lead the properthy management. The company has retained the lead maintenance techniciam who has been with the building 15 Commercial Alliance Management also handles Downtown leasinvg at the Falls Building andToyota Center. previously leased and managed OneCommercer Square. Lease rates were $15.50-$17.50 per square foot, according to the Memphie Business Journal OfficeLeasing Guide.
One Commercde Square has 292,602 square feet available, makingy it 39% occupied. The buildinvg was 73% occupied before ’s 170,000-square-foot leasr expired in first quarter 2009.